COVID-19 Business Resource Center

July 31, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Paycheck Protection Program Forgiveness Applications Placed on Hold

The Small Business Administration has informed lenders that the Paycheck Protection Program Forgiveness Platform will not begin the review and acceptance of Forgiveness Applications until at least August 10, 2020. Any new legislative amendments to the forgiveness process require may extend this date. Many borrowers who received PPP loans have already completed their specified “covered period” and spent the PPP loan proceeds. The plan was to submit the forgiveness applications as soon as possible. It is suggested that any necessary documentation be assembled in preparation for submission although lenders are not currently accepting applications. For more detailed information, please visit the Small Business Administration’s website. As we navigate through these times of uncertainty and live out our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations. Please visit our […]
July 17, 2020

A Polaroid Picture of Funeral Service Post Covid-19

Editor’s Note: This is the first article in a two-part series on the results of a survey The Foresight Companies commissioned on the effect COVID-19 has had on how consumers think of funeral service.  On Jan. 1st, we all thought Corona was a beer. Now, it is the virus that has killed so many, sickened so many more and indelibly struck at all aspects of our lives and livelihoods. It is a moment in our history more impactful than the Battle of Concord, the attack on Pearl Harbor and the multiple attacks on Sept. 11, 2001, all rolled up together. Funeral service stood tall during the initial outbreak. Many went into the hot zones to help the living care for their dead. Many worked long days for numerous weeks under conditions that were a risk to their own safety. This […]
July 15, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

When to Use the Families First Coronavirus Response Act

With the focus on the PPP and EIDL options, a tax credit afforded by the Families First Coronavirus Response Act (“FFCRA”) has been mostly ignored by funeral home and cemetery owners. Recently, a Foresight accounting client reached out to our team when one of their funeral directors tested positive for COVID-19. In addition to the protocols and processes well publicized by the CDC and OSHA, we recommended that this firm continue to pay this employee wages under the provisions provided by the FFCRA. The following considerations led us to this conclusion: Is the business considered a Covered Employer as defined by FFCRA – Yes Covered Employers: The paid sick leave and expanded family and medical leave provisions of the FFCRA apply to certain public employers, and private employers with fewer than 500 employees. Small businesses with fewer than 50 employees […]
July 7, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

The SBA releases redacted PPP data; What to do when you are asked about your PPP loan?

The Small Business Administration on Monday released a redacted data on Paycheck Protection Program that categorizes key recipients and the specific jobs that are covered by the $659 billion program. The data is very specific on the program, which has been federal government’s main relief effort for small businesses. Although detailed, the new data is still not transparent enough. It does not recognize loan amounts; the data is categorized in sections spanning $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million. The new data also includes loan recipient names, addresses, industry codes, business types and loan amount ranges for loans above $150,000. This data equals almost 14% of PPP loans, according to the SBA. For loans below the $150,000 total, the SBA shared totals by zip code, industry and […]
June 10, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Paycheck Protection Program Flexibility Act Provides New Provisions for Loan Recipients

On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law.The new act allows businesses with forgiven PPP loans to postpone Social Security taxes through the end of 2020. Before this new act was signed into law, any loan recipients were required to stop postponing Social Security taxes as soon as any portion of their loan was forgiven. The additional provisions include: Reducing of the percentage of loan funds to be spent on payroll from 75% to 60% Expanding the “covered period” for use of the loan from eight weeks to 24 weeks Expanding the period of time for employers to overturn reductions in employment that took place between February 15 and April 26, 2020 from June 30, 2020 to December 31, 2020 Increasing the loan maturity time period from two years to five years Allowing […]
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